Ethereum Foundation Financial Report 2024

The Ethereum Foundation's financial report for this year revealed that it holds $970.2 million in cryptocurrencies and non-crypto assets as of Oct 31, 2024.

The EF noted that it holds $788.7 million in crypto assets, with 99.45% of these held in ether, representing 0.26% of the total ether supply by the end of October 2024. According to the report, it retains $181.5 million in non-crypto investments and assets.

> “We choose to hold the majority of our treasury in ETH. The EF believes in Ethereum’s potential, and our ETH holdings represent that long-term perspective,” the foundation said.

The EF stated its treasury aims to “fund important public goods for the Ethereum ecosystem.” They also plan to follow a conservative treasury management policy that ensures they have "sufficient resources even in the case of a multi-year market downturn.”

“This requires periodically selling ETH to ensure sufficient savings for future years, and programmatically increasing our fiat savings in bull markets to fund spending in bear markets,” the foundation explained.

This follows scrutiny and negative reactions from the community in response to several large, unexplained transactions and ether sales by the foundation without prior notice, prompting calls for greater transparency.

In 2023, the EF's largest expenditure was on “new institutions,” totaling $47.4 million compared to $28.6 million in 2022. This category includes grants to new institutions supporting the Ethereum ecosystem. The foundation also spent $34.7 million on Layer 1 research and development, up from $32.1 million in 2022.

> “EF’s long-term thinking keeps us focused on supporting a sustainable and open ecosystem,” Aya Miyaguchi, executive director of Ethereum Foundation, wrote on X. “We’re more committed than ever to planting seeds that may only mature years down the line, ensuring Ethereum’s resilience and collaborative growth.”

Ethereum has seen steady momentum over the past few months. The number of active addresses on the Ethereum network reached 13.7 million in October, up from 12.3 million in September, according to The Block’s data dashboard. Its on-chain volume expanded to $108.6 billion in October, up from $90.9 billion in September and $57.1 billion in the same period last year.

Ether gained 2.4% over the past 24 hours to trade at $2,912 at the time of writing, The Block’s data showed. It has risen 19% over the past five days amid a broader market rally.